The memorandum of understanding will encourage the development of healthcare technology in Luxembourg. Azenta, an American company that provides solutions for cold chain management and genomics services, acquired the Luxembourg-based B Medical Systems in October 2022 for €410m.
The agreement confirmed Azenta’s desire to maintain B Medical Systems’ production activities in Luxembourg, as well as cooperation in terms of research and development. B Medical Systems manufactures and distributes medical refrigeration devices that can be used for blood banks, laboratory specimens and vaccine cold chains, among other applications. Its freezers, for example, are used to transport covid-19 vaccines.
“The fact that a world-renowned company like Azenta has acquired B Medical Systems, one of our industrial flagships, demonstrates the dynamism of the Luxembourg health technology sector,” said economy minister Franz Fayot (LSAP). He added that the MoU will support further collaboration, particularly in future research, development and innovation projects.
“We look forward to continuing our partnership and engagement with the Luxembourg government,” concluded Steve Schwartz, president and CEO of Azenta. “B Medical Systems, which recently became part of Azenta, has a long history of operations in Luxembourg, and we intend to build on this already strong track record of growth and innovation.”
The manufacturing site of B Medical Systems is located in Hosingen, in northern Luxembourg, but it also has subsidiaries in the US and India. It has over 100 patents. For the third quarter of the fiscal year (ending 30 June 2022), Azenta reported $133m in revenue from continuing operations. $47m came from life sciences products while $85m came from life sciences services. Its fourth quarter results are expected on 14 November.